Nicetoknow
Registered User
- Messages
- 83
Sharing this as a cautionary tale about not checking our account transactions regularly and maybe someone will have some advice for us also!
In summary, Ulster Bank stopped taking our monthly mortgage payments when we stopped our monthly overpayment (their error), as yet not sorted out.
Back story:
We were overpaying our mortgage by 700 a month. I called UB in Dec to stop the overpayment because we wanted more funds to start living a bit again now that Covid is over.
Based on all the great advice on here, we applied to Avant for 7 years fixed in Feb and got AIP in April (delighted to get this). We are self employed so it has taken a lot of back and forth to get the AIP. I requested a break fee from UB in early April so I could understand how much we are on the hook for to move to Avant. Nothing arrived. I rang again to ask why, again I was told it would be sent. Still nothing arrived.
When asked by our broker for the final amount we want in the loan offer from Avant, I checked my online UB Mortgage account and saw our balance has gone up by approx 4000e since Jan, when it ought to have gone down.
I checked my statements and sure enough, I found no payment was made to UB since December (SHOCK, PANICK! ). There were however sufficient funds to pay the mortgage in out account when the mortgage ought to have been paid. No one in UB alerted us that our mortgage had not been paid, no letter, no mention of the issue when I called to request break fee (twice).
The account we use to pay our mortgage is used for all expenses and we didn't notice payments had not been taken - I guess life had been so much more expensive since Dec (we took a foreign holiday, had a few very big energy bills etc ). We are self employed so our income is variable also so the money that goes into this account also varies. We probably should have noticed, but we didn't.
As soon as I realised payments had not been made, I called UB and let them know. I said we could pay the three months that had not be paid.) UB acknowledged their error (said notes on file said we requested to stop only the overpayment) and asked me to transfer 4 months mortgage payments (they wanted April early since they couldn't reactivate the DD in time to take the payment) and said they would call me back with an update this week. It was stressful to have to come up with all this cash but we ought to have paid most of it months back.
I haven't received promised update call from UB. I called myself earlier today and was told it could take 10 days for them to apply the payment we sent and only then could they calculate the break fee.
Currently we are greater than 90 days since our last payment. We expect the Avant loan offer to be issued early next week and our current situation is that UB cannot/ will not provide us with a break fee calculation or redemption figure (until payments are applied) so we don't know how much money we will need to pay and I don't know whether some kind of issue will get flagged on our credit report for Avant (I hope to god this doesn't happen and its what I'm really worried about!).
Maybe I should not be worried?
In summary, Ulster Bank stopped taking our monthly mortgage payments when we stopped our monthly overpayment (their error), as yet not sorted out.
Back story:
We were overpaying our mortgage by 700 a month. I called UB in Dec to stop the overpayment because we wanted more funds to start living a bit again now that Covid is over.
Based on all the great advice on here, we applied to Avant for 7 years fixed in Feb and got AIP in April (delighted to get this). We are self employed so it has taken a lot of back and forth to get the AIP. I requested a break fee from UB in early April so I could understand how much we are on the hook for to move to Avant. Nothing arrived. I rang again to ask why, again I was told it would be sent. Still nothing arrived.
When asked by our broker for the final amount we want in the loan offer from Avant, I checked my online UB Mortgage account and saw our balance has gone up by approx 4000e since Jan, when it ought to have gone down.
I checked my statements and sure enough, I found no payment was made to UB since December (SHOCK, PANICK! ). There were however sufficient funds to pay the mortgage in out account when the mortgage ought to have been paid. No one in UB alerted us that our mortgage had not been paid, no letter, no mention of the issue when I called to request break fee (twice).
The account we use to pay our mortgage is used for all expenses and we didn't notice payments had not been taken - I guess life had been so much more expensive since Dec (we took a foreign holiday, had a few very big energy bills etc ). We are self employed so our income is variable also so the money that goes into this account also varies. We probably should have noticed, but we didn't.
As soon as I realised payments had not been made, I called UB and let them know. I said we could pay the three months that had not be paid.) UB acknowledged their error (said notes on file said we requested to stop only the overpayment) and asked me to transfer 4 months mortgage payments (they wanted April early since they couldn't reactivate the DD in time to take the payment) and said they would call me back with an update this week. It was stressful to have to come up with all this cash but we ought to have paid most of it months back.
I haven't received promised update call from UB. I called myself earlier today and was told it could take 10 days for them to apply the payment we sent and only then could they calculate the break fee.
Currently we are greater than 90 days since our last payment. We expect the Avant loan offer to be issued early next week and our current situation is that UB cannot/ will not provide us with a break fee calculation or redemption figure (until payments are applied) so we don't know how much money we will need to pay and I don't know whether some kind of issue will get flagged on our credit report for Avant (I hope to god this doesn't happen and its what I'm really worried about!).
Maybe I should not be worried?
